DAVIES COACHES LTD
Registered number: 05719721
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 1,519,755 1,290,554
Current assets
Debtors 5 283,588 260,976
Cash at bank and in hand 511,517 252,980
795,105 513,956
Creditors: amounts falling due within one year 6 (333,539) (197,676)
Net current assets 461,566 316,280
Total assets less current liabilities 1,981,321 1,606,834
Creditors: amounts falling due after more than one year 7 (202,039) (153,807)
Provisions for liabilities (303,245) (215,289)
Net assets 1,476,037 1,237,738
Capital and reserves
Called up share capital 10 10
Profit and loss account 1,476,027 1,237,728
Shareholders' funds 1,476,037 1,237,738
-
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
KA Davies
Director
Approved by the board on 19 March 2024
DAVIES COACHES LTD
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 25 years
Leasehold land and buildings over the lease term
Plant and machinery 15% to 30% reducing balance
Fixtures, fittings, tools and equipment 15% to 30% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 43 43
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 30,000
At 31 December 2023 30,000
Amortisation
At 1 January 2023 30,000
At 31 December 2023 30,000
Net book value
At 31 December 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 335,542 2,142,272 2,477,814
Additions - 558,970 558,970
Disposals - (455,839) (455,839)
At 31 December 2023 335,542 2,245,403 2,580,945
Depreciation
At 1 January 2023 23,576 1,163,684 1,187,260
Charge for the year 5,192 217,017 222,209
On disposals - (348,279) (348,279)
At 31 December 2023 28,768 1,032,422 1,061,190
Net book value
At 31 December 2023 306,774 1,212,981 1,519,755
At 31 December 2022 311,966 978,588 1,290,554
5 Debtors 2023 2022
£ £
Trade debtors 212,909 179,730
Other debtors 70,679 81,246
283,588 260,976
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,720 10,500
Obligations under finance lease and hire purchase contracts 112,939 94,499
Trade creditors 83,198 35,731
Other taxes and social security costs 92,945 43,786
Other creditors 34,737 13,160
333,539 197,676
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 81,749 90,513
Obligations under finance lease and hire purchase contracts 120,290 63,294
202,039 153,807
8 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 35,249 44,013
Secured bank loans 91,469 101,013
The bank loans are secured on freehold property.
9 Related party transactions
The directors jointly made net loans to the company during the year of £6,048. The amount due to the directors at the balance sheet date was £7,016.
10 Controlling party
The company is controlled by the Directors.
11 Other information
DAVIES COACHES LTD is a private company limited by shares and incorporated in England and Wales. Its registered office is:
The Training Yard
Cwmgwili
Llanelli
Carmarthenshire
SA14 6PP
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